Newly discovered lands outside Europe were divided into two - the west belonging to the Crown of Castile (now part of Spain) and the east belonging to the Portuguese Empire
Treaty of Tordesillas - agreements between King Ferdinand II of Aragon and Queen Isabella I of Castile and King John II of Portugal establishing a new demarcation line between the two crowns
Bottom 60 nations of the Global South were thought to be gaining on the North in terms of income, diversification, and participation in the world market